Novares Group
| Company type | Private |
|---|---|
| Industry | Automotive parts |
| Founded | 1955 |
| Founder | Charles Manni |
Area served | Global (France, India, Serbia, USA) |
Key people | Thierry Manni (Chairman), Pierre Boulet (CEO) |
| Products | Automotive components |
Number of employees | 5,600 (2015) |
The Novares Group is a French automotive parts producer established in 1955 by Charles Manni, originally operating under the name Mecaplast. The company is currently chaired by Thierry Manni, with Pierre Boulet holding the position of CEO. In 2016, Mecaplast combined operations with Key Plastics, an American automotive components manufacturer, and subsequently rebranded as Novares in 2017.
History
The enterprise was launched by Charles Manni in 1955 and encountered significant difficulties during the 2008 financial crisis, which resulted in the shutdown of several facilities and workforce reductions.
By August 2009, Novares had been recognized as a strategic supplier for PSA and Renault, gaining support through the Modernization Fund for Automobile Equipment Suppliers (FMEA). This led to a capital increase of €55 million in exchange for a 33% ownership share. The company expanded its global footprint by inaugurating a manufacturing site in Chennai, India in June 2010, followed by another facility in Zrenjanin, Serbia, in 2012.
In 2016, Equistone Partners Europe acquired a controlling interest. That same year, Mecaplast merged with Key Plastics from the United States. The newly formed organization adopted the name Novares in 2017. Plans for an initial public offering on Euronext Paris in 2018 were ultimately abandoned.
In March 2020, shareholders Equistone and BPI Paris injected €45 million into Novares; however, the company entered receivership by April.
Figures
| Year | Revenue | Workforce |
|---|---|---|
| 1995 | 175 | 1,175 |
| 1998 | 223 | 2,100 |
| 2000 | 286 | 2,800 |
| 2002 | 580 | 5,500 |
| 2005 | 820 | 7,800 |
| 2007 | 759 | 6,200 |
| 2009 | 570 | 5,800 |
| 2010 | 643 | 5,500 |
| 2011 | 692 | 5,500 |
| 2012 | 662 | 5,600 |
| 2013 | 661 | 6,000 |
| 2015 | 734 | 5,600 |